Life Insurance For Home Loan

Life insurance unlike mortgage protection insurance covers more than just your home loan it is used to cover your debts so that your loved ones aren t left with any hefty bills to pay. Unlike private mortgage insurance pmi which is required for loans with low down payments and protects lenders from default mortgage life insurance is designed to pay off your mortgage if you die. This plan has been designed to help family repay the outstanding home loan in case of an unfortunate death of the life insured.

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With real estate picking up pace across the nation the cost for owning a house is always on the rise.

Life insurance for home loan. When buying online the customer can also take the assistance of customer service advisors who can guide the whole process of buying the life insurance policy without any hassle. It also differs from building insurance which covers the house itself against damage from fire break ins and natural disasters. Life insurance can be a good source of money for a down payment. If the life insurance plan is specifically aimed at home loan it is recommended to purchase the life insurance coverage amount greater to the home loan amount.

This is a traditional decreasing term plan without bonus facility. Some forms of life insurance have a cash value reservoir that grows over time. The only thing one can be certain of in this world is uncertainty and hence it is a wise choice to protect a home loan so that in the unfortunate event of the borrower s death the life insurance clears the remainder of the money so that the burden of repaying the home loan doesn t fall onto the borrower s family or loved ones. Hdfc life home loan protection plan is a protection plan.

A home is always better than a rented place for the salaried or self employed. Riders like terminal or critical illness accidental death unemployment and disability can be clubbed with home loan protection plans. After your home loan closes you will likely receive offers from insurance companies for mortgage life insurance. Several home loan insurance providers also offer home loans insurance schemes with optional rider plans to enhance their cover benefits.

This reserve of cash can be taken out in the form of a loan or taken out through a partial surrender of your policy. Home loans are a much needed help that are readily offered by many banks. 8 our life insurance policies cover covid 19 claims under life insurance claims subject to applicable terms and conditions of policy contract and extant regulatory framework. Why to choose life insurance for a home loan.

Term life insurance does not have a cash value and loans can not be taken from it. Home loan insurance looking for home loan protection plan. Insurance policies can be tailored to suit your every need and if your current policy does not cover your home while you are still paying it off then the added protection of mortgage life insurance will protect your family from the mortgage bills in the event you pass away. Insure your home loan amount and protect your family s financial future with icici pru iprotect smart.